ACCOUNTING HW discussion

Urban Outfitters, Inc. (NASDAQ: URBN) opened its first store in 1970 near the University of Pennsylvania campus. Today it has several different retail segments including Urban Outfitters, Anthropologie Group, Free People Group, and Menus & Venues (a dining experience). The company also sells wholesale apparel to department stores, such as Nordstrom, Inc. (NYSE: JWN), Macys, Inc. (NYSE: M), and Dillards, Inc. (NYSE: DDS). In 2019, the company launched a subscription rental service, Nuuly, that allows customers to rent clothing on a monthly basis. As of January 31, 2021, the company had over 600 stores throughout the United States, Canada, and Europe. Visit

Requirements

Review the notes to the consolidated financial statements, specifically Note 1, Nature of Business. What was the impact of the coronavirus pandemic on Urban Outfitters, Inc.?
Urban Outfitters, Inc. reported cost of sales of $2,572,347 (in thousands) for the year ending January 31, 2021. Which financial statement is cost of sales (also known as cost of goods sold) reported on? What does cost of sales represent? What type of account is cost of sales?
Review Urban Outfitters, Inc.s multi-step income statement. What is the format of the multi-step income statement? What is one benefit of preparing a multi-step income statement for merchandising companies such as Urban Outfitters, Inc.?
Review the notes to the consolidated financial statements, specifically Note 2, Summary of Significant Accounting Policies, Revenue Recognition. When does Urban Outfitters, Inc. recognize merchandise revenue for the retail segment?
On which financial statement will Urban Outfitters, Inc. report its merchandise inventory? How much is Urban Outfitters, Inc.s merchandise inventory as of January 31, 2021?

Requirements: as it supposed to be

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